rootworks acquires cpa practice advisor

joel hughes (left) and darren root
joel hughes (left) and darren root
perry

with a goal to expand education-based ecosystem dedicated to accounting firm improvement.

by 卡塔尔世界杯常规比赛时间
via businesswire

rootworks, a part of right networks since mid-2020, has acquired cpa practice advisor from endeavor business media llc.

see right networks’s joel hughes and rootworks’ darren root discuss their merger last year at right networks acquires rootworks

the move allows rootworks to expand its educational ecosystem by leveraging cpa practice advisor’s content across a broad spectrum of digital channels. terms were not disclosed. read more →

how to embrace the blended future of work

convergence coaching research suggests eight steps to take.

by 卡塔尔世界杯常规比赛时间 research

the covid-19 pandemic has been many things for many people.

for the wise, it’s been an education.

more: the future is blended: combining remote and office work
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or, to put it another way, the mother of invention.

cpa firms have been quick to invent. what the wise have realized is that the inventions aren’t temporary measures destined to disappear when no longer needed. many are here to stay, and the accounting industry will be better off with them.
read more →

global fintech funding gains momentum

fintechs raise $30.79 billion, accounting for $1 out of every $5 raised for startups across industries.

by 卡塔尔世界杯常规比赛时间 research
via insider intelligence

fintechs raised $30.79 billion across 657 deals, a whopping 30% rise on q1, already outpacing all funding raised during the entirety of 2020.

more in tech: microsoft and google go to war | more firms hit in solarwinds attack | survey: how’s your i.t. firewall holding up? | survey: accountants’ favorite anti-virus apps | salt: the small business disaster waiting to happen | hard drives could hold 10x more

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annual global fintech funding has reached $54.42 billion this year. in q2, fintechs dominated global startup funding in all sectors: one dollar out of every $5 raised in q2 went to a fintech.

read more →

remote work is here to stay

pie chart
the next normal arrives: fully 81% of accounting firms see an increase in remote work even as they re-open their offices. (convergence consulting)

as accounting firms re-open, they’re competing for talent on work-from-home plans and reaping windfalls with smaller offices.

by 卡塔尔世界杯常规比赛时间

no doubt about it, a capacity to work remotely has saved the tax and accounting business.

the question now is: what will tomorrow’s tax and accounting offices look like, post-pandemic?

more:  learning how to hire amid covid | survey: cpa firms reject staff vaccine mandates   |  covid-19 changed what we watch and how  |  why remote workers need retreats   | steven braunstein: new covid strategies for staff recruiting and retention   |  josh fisher: battling for staffers  |  “the new normal” will never be normal again   |  how and when to leverage ziprecruiter, indeed, and social media  |  how covid rewrites the rules for recruiting  |  staffing shortage? look at your business model

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in fact, the increase in remote work is likely to continue and expand in the future. read more →

closing the tax gap: more data, more compliance?

tax professionals should brace for a new wave of information reporting.

misreporting by income category: the staggering difference in the tax gaps left by workers with income subject to information reporting and withholding compared to those with income subject to little or no information reporting – less than $10 billion compared with more than $150 billion. (via u.s. department of treasury)

by 卡塔尔世界杯常规比赛时间 research

here’s something the irs has discovered and many tax preparers can probably confirm: while roughly 99 percent of taxes due on wages are paid to the irs, compliance on less visible sources of income is estimated to be just 45 percent.

more: how charlatans, creeps, and ghosts plague the tax profession | grappling with the tax gap | wealthiest taxpayers cheat irs out of $400 billion a year | 173% increase in irs correspondence backlog | hunker down: the irs backlog isn’t going away anytime soon | the irs studebaker bomb | imagine irs ‘concierge’ service. just imagine. | irs has recruiting problems, too
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yes, it seems that americans are more willing to pay what they owe when the irs knows they owe it.
read more →

survey: cpa firms reject staff vaccine mandates

post-pandemic: staffing tops lists of concerns, remote work here to stay. 

some 37% of cpas say their firms and companies will be making remote work options a permanent fixture. (via vscpa)

by 卡塔尔世界杯常规比赛时间
via the vscpa

the future of the tax, accounting, and finance workplace will include more remote working and hybrid options in the wake of the pandemic — and some office footprints will shrink, according to a new survey of cpas. but vaccinations won’t be required in many offices.

read more →

how charlatans, creeps, and ghosts plague the tax profession

aicpa backs bill to regulate tax practitioners.

by 卡塔尔世界杯常规比赛时间 research

here’s a shocking stat from the treasury department:

“… unregulated preparers who lack the training to provide accurate tax assistance … submit more returns than all other preparers combined.”

more: grappling with the tax gap | wealthiest taxpayers cheat irs out of $400 billion a year | 173% increase in irs correspondence backlog | hunker down: the irs backlog isn’t going away anytime soon | the irs studebaker bomb | imagine irs ‘concierge’ service. just imagine. | irs has recruiting problems, too
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that sounds like trouble in a number of ways:

  • unwitting taxpayers may be paying more taxes than they owe.
  • taxpayers may be left liable for shoddy or shady tax preparation.
  • the irs may be collecting less than it could.
  • taxpayers may be left in a lurch when the irs has questions but the preparer has disappeared.

read more →

salt: the small business disaster waiting to happen

more highlights: “tax season from hell.” the pandemic pivot. small business outlook. digitally-powered recovery.

small business salt: 98% of accountants say small businesses are vulnerable to interstate sales tax issues, including 7% who say “none or almost none” are in compliance and 39% who say “most” are not and another 39% saying only “some” are.  (卡塔尔世界杯常规比赛时间 research)

 

by 卡塔尔世界杯常规比赛时间

three years after the notorious “wayfair” decision, accountants say a vast number of small businesses face new and burdensome interstate sales tax measures. but only a few accountants appear ready to help, according to new research by 卡塔尔世界杯常规比赛时间.

more: survey: rough seas ahead for small business

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most accountants believe that 98 percent of small businesses – virtually all – are failing to fully comply with all the interstate sales tax issues they may be liable for. and yet, about 71 percent of accountants are falling short of handling all their clients’ sales tax issues, with about 12 percent saying they address “most” issues, 36 percent handling “some,” and 24 percent handling none, according to the new study conducted in conjunction with avalara, the tax management software company.

read more →

survey: rough seas ahead for small business

their best advice: innovate, adapt, go online. hang on.

small business advisors: top row – kenesha coleman, claudia hill rachel wehr. bottom row – joe eckeklkamp, catherine anderson, christopher awungjia, michael kridel

join the accountants confidence survey.
get the results.

by rick telberg
卡塔尔世界杯常规比赛时间 research

with lessons learned in painful lockdowns and grueling tax seasons, accountants are scrambling this summer to help their small-business clients cope with a harsher, more unforgiving business environment that demands new technologies, new work processes, and, most of all, new habits and attitudes.

more surveys & research: a crash course in the business of public accountingcpas see best outlook in three years, with notable exceptionstax pros race to the finish lineanother tax season from hell? |
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accountants are working with their small-business clients to:

  • keep up with changes in online technologies.
  • learn to be flexible, innovative, and super-scrappy.
  • pivot from brick-and-mortar to doing business online and virtual.
  • manage new customer and employee expectations, and
  • brace for revenue-hungry states seeking revenues from out-of-state online sales.

the terrain will be treacherous. in a 卡塔尔世界杯常规比赛时间 study conducted in conjunction with avalara, the tax management software vendor, accountants – by a margin of almost 2-to-1 – predict “much worse” business conditions for small businesses in the next 12 to 18 months. that’s the bleakest outlook in all five sectors surveyed, including the nation’s economy in general, their firms, their clients, and themselves personally.

read more →

seven trillion reasons to pay attention

how closing the $7-trillion tax gap could impact the tax prep business.

by 卡塔尔世界杯常规比赛时间

president biden is proposing some big – and some would say long overdue – spending on infrastructure and programs to help lift americans out of the pandemic recession. he can’t raise taxes – that’s congress’s purview – but collecting taxes falls within the obligations of the executive branch.

more: wealthiest taxpayers cheat irs out of $400 billion a year | 173% increase in irs correspondence backlog | hunker down: the irs backlog isn’t going away anytime soon | the irs studebaker bomb | imagine irs ‘concierge’ service. just imagine. | irs has recruiting problems, too
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and the executive branch smells potential.
read more →

cpas see best outlook in three years, with notable exceptions

some 76% of cpa corporate executives are now optimistic about the prospects for their own organization, less so about the u.s. economy in general.

cpa execs forecast economic boom.

by 卡塔尔世界杯常规比赛时间
via aicpa

the economy is poised to come roaring back in the year ahead, with forecasts for revenue and profit growth not seen since 2018, according to the second-quarter aicpa economic outlook survey of members in business and industry.

more surveys & research: women lag men in accounting jobs recovery  |  tax season ends with pros covering 54% of returns  |  tax pros retake market share from diyers  |  tax pros race to the finish line |  making partner: what managers need to know  |  survey: tax season swings into the red  |  who’s heating up accounting tech?  |  another tax season from hell?

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there are concerns, however. “availability of skilled personnel” reemerged as the top-cited challenge for businesses as job recruitment turns up. and two-thirds of business executives now express concern about inflation, up from 44 percent last quarter.

read more →

seven state societies team for all-star real estate tax conference

koch

seven half-day virtual events help practitioners maximize deductions and increase cash flow for real estate and construction clients.

by 卡塔尔世界杯常规比赛时间
via bedford

karen koch, cpa, a legendary figure in real estate tax accounting, is headlining a seven-date, 4-cpe, virtual real estate conference series in association with the state cpa societies of connecticut, kentucky, virginia, texas, ohio, missouri, and minnesota.

she’ll be joined by renowned cpa tax specialists andy ackermann of mcm cpas and advisors, blake christian at hcvt, stephen lukinovich at mcm, josh malancuk of jm tax advocates. 卡塔尔世界杯常规比赛时间 editor-publisher rick telberg will also be participating.

“we’re honored to be working with so many of the nation’s leading state societies for our profession,” noted bedford partner karen koch, cpa/mbt. “we can’t wait to start sharing insights from some of the smartest professionals i know about the impact of tax incentives related to cost segregation, epact 179d certification, and r&d tax credits.”

the four-hour cpe events will provide a mix of pre-recorded presentations and live q&a from experts in the areas of cost segregation, energy credits, real estate elections, low-income housing credits, cost seg for opportunity zone investors, r&d credits in the construction industry, and real estate property tax reduction strategies.
read more →

irs: short on time and running out of room

the situation isn’t funny, but laughing beats crying.

by 卡塔尔世界杯常规比赛时间

half the country may be vaxxed to the max, but that hasn’t helped the irs recover from last year’s covid-clogged backlog. in fact, it’s gotten so bad that the backlog is causing a logjam that’s backing up more logs.

more: 173% increase in irs correspondence backlog | hunker down: the irs backlog isn’t going away anytime soon | the irs studebaker bomb | irs has recruiting problems, too
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when tax clients start to gripe about the refunds they haven’t received, maybe not even last year’s, describe this scenario to them, as described by the interim results of the 2021 filing season report from the treasury inspector general for tax administration.
read more →